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Nestle buying out Swiss company Galderma from L'Oreal to create new unit

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GENEVA - Swiss food and drink giant Nestl� and French cosmetics company L'Or�al have approved a deal to transfer ownership of Swiss dermatology pharmaceuticals company Galderma.

The companies say L'Or�al will buy 48.5 million of its own shares, or 8 per cent of its share capital, from Nestl� and give Nestl� its 50 per cent stake in Galderma, which has been a 50/50 joint venture between them.

Under the deal, which is subject to regulatory approval, the companies said Tuesday that Nestl�'s stake in L'Or�al will be reduced from 29.4 per cent to 23.29 per cent of the share capital and the Bettencourt Meyers family's stake in L'Or�al will increase from 30.6 per cent to 33.31 per cent.

Nestl� says it is creating a new unit, Nestl� Skin Health SA, that will be run by Galderma's management.

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